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Kingdom Holding sells Monte Carlo hotel

Kingdom Holding, owned by Saudi billionaire Prince Alwaleed bin Talal, said it posted fourth-quarter net profits of 303.8 million riyals ($81.01m) and sold the Monte Carlo Grand Hotel for 150 million riyals ($40m), reported Reuters. Net income in the three months to March 31 rose 5.04% from 289.2 million riyals in the year-earlier period, the company said. Kingdom did not say who bought the hotel, which it had purchased in 2005 with Fairmont Hotels & Resorts and Bank of Scotland Corporate.